Technology – Page 23

CelcomDigi appoints Dennis Chia as chief financial officer

On: December 2, 2024

Brings over 30 years of financial leadership experience to the role
Previously served as the CFO of StarHub in Singapore for nearly a decade

CelcomDigi appoints Dennis Chia as chief financial officer

CelcomDigi Berhad has announced the appointment of Dennis Chia (pic) as its new chief financial officer (CFO). Chia will assume his position on 2 January 2025.

Chia previously served as chief financial officer at StarHub in Singapore for nearly a decade until September 2024. Before StarHub, he held various CFO and finance leadership roles across major industries, including information technology, semiconductors, automotive, and oil and gas. His past roles include senior vice president and CFO at STATS ChiPAC Worldwide and vice president of finance at Lear Corporation.

With over 30 years of experience as a finance leader, Chia is a Certified Public Accountant. He holds an accounting degree from Nanyang Technological University in Singapore and an MBA in marketing and finance from the University of Hull in England.

Chia will succeed current CFO Lucy Tan, who departs CelcomDigi at the end of her contract. Tan has been a key part of CelcomDigi’s management team since the merger in December 2022. As CFO, she strengthened the company’s growth and operational efficiency focus and led key finance transformation initiatives, establishing a strong foundation for future performance.

Beijing vows retaliation if Biden curbs Chinese chip firms again – Asia Times

By: Bolen C

On: November 29, 2024

In: Asia, Technology

The Chinese government has vowed to “implement necessary measures” after media reports said the United States would add more Chinese semiconductor firms to its Entity List.

He Yadong, spokesperson of the Chinese Ministry of Commerce, on Thursday threatened to retaliate against Washington after Reuters reported on November 22 that the Biden administration would soon unveil a new round of sanctions to ban shipments of US chips and chip-making equipment to 200 Chinese chip companies.

Media reports said the curbs would be announced before November 28, or Thanksgiving Day, but they have not yet been announced as of this writing.

Some Chinese commentators said China should further tighten its export rules to prevent US companies from obtaining its metals such as germanium and dysprosium.

“China has dominated the supply of precious metals such as germanium and dysprosium, which are the most important raw materials in the semiconductor industry,” a Jilin-based columnist says in an article. “Our country can completely stop the export of these raw materials, forcing western countries to delay the pace of their technological development.”

He said this move would provide more time for China to catch up with the US in terms of technological development.

He said China should consider forming an alliance with Singapore and Japan to jointly stop the US from obtaining key raw materials to make chips.

Meanwhile, some other Chinese commentators are not optimistic that China can unveil any effective countermeasures against the US.

A Henan-based writer using the pseudonym “Xiaoxi Lishi” published an article with the title “200 Chinese chip firms will be sanctioned. This is game over!”

“The potential sanctioning of 200 Chinese chip companies is undoubtedly a heavy blow to the fast-growing chip industry in China,” the article says. “If chip foundries or packaging firms cannot get their core machine parts, they will have to stop production and suffer from heavy losses.”

The writer says such a disruption will also extend to the upstream and downstream sectors, slowing China’s industry upgrade. He adds that the only thing that China can do is to boost its investment in research and development and form new partnerships with other countries.

200 Chinese firms

In late July, Reuters reported that the Biden administration planned by the end of August to expand the coverage of its Foreign Direct Product Rule (FDPR), which was first introduced in 1959 to control the trading of US technologies.

The wire service also said that the US plans to add about 120 Chinese entities, including six chip foundries and their hardware and software suppliers, to its restricted trade list.

But the White House postponed the announcement as American chip and chip-making equipment makers are worried that their revenue in China will be sacrificed.

Citing an email sent by the US Chamber of Commerce to its members on November 21, Reuters reported that the US Commerce Department planned to publish the new regulation “prior to the Thanksgiving break.”

The email also said that another set of rules curbing shipments of high-bandwidth memory chips to China was expected to be unveiled in December.

Analysts said that these would be the Biden administration’s last two rounds of curbs against China’s chip sector before Republican President-elect Donald Trump takes office on January 20, 2025.

N+3 process

The Reuters report about the potential sanctions against 200 Chinese firms came a few days after Richard Yu, chief executive of Huawei Consumer Business Group, said on November 15 that Huawei would launch its Mate70 flagship smartphone on November 26.

Chinese media said the premium Mate70 models would use a new 7-nanometer processor known as the Kirin 9100, which is said to be comparable to Qualcomm’s Snapdragon 8 Gen 2 and 8+ Gen 1 for central processing units (CPU) and graphic processing units (GPU), respectively.

They expected Chinese chipmaker Shanghai Manufacturing International Corp (SMIC) to use its deep ultraviolet (DUV) lithography machines and N+3 process to produce the 9100 processor.

But on November 26, Huawei’s fans were disappointed by news that the Mate70 Pro would use a chip called Kirin 9020, which is only a fine-tuned version of the existing Kirin 9010 processor made with N+2 process.

The N+3 process can feature 130 million transistors per square millimeter while the N+2 one can only achieve 89 million transistors per square millimeter.

Some Chinese commentators said the failed debut of the 9100 chip showed that Huawei and SMIC were unable to improve their foundry technology without ASML’s extreme-ultraviolet (EUV) lithography machine.

Read: Huawei’s Mate70 to flex high-end chip self-sufficiency

Read: TSMC’s 7nm chip ban targets China’s AI chipmakers

Read: US to tighten China chip squeeze with old Cold War rule

Read: China: US high-tech investment ban to hurt global supply chain

Read: China boxed out of high-NA lithography race to 1nm chips

Mercedes-Benz Malaysia expands EV charging network through corporate collaborations

By: Mary Blight

On: November 29, 2024

In: Technology

Additional privileges at partner hotels for Mercedes-Benz customers
Partners with hotels, golf courses to expand EV charging in Malaysia

Amanda Zhang, CEO & president, Mercedes-Benz Malaysia (6th from left), together with prestigious hotels, golf course, & charging partners announcing a transformative corporate collaboration nationwide

Mercedes-Benz Malaysia has unveiled plans to expand its electric vehicle (EV) charging network through collaborations with hotels and golf courses across the country. The initiative is part of the company’s strategy to enhance accessibility for EV owners and integrate sustainable mobility with luxury experiences.

The company is adopting a multi-channel approach to strengthen its EV infrastructure by offering Charge@Home Wallbox installations for private residences, Charge@Retail EV charging facilities at Mercedes-Benz retail outlets, and Charge@Public branded charging stations at partner hotels, resorts, and golf courses.

Mercedes-Benz Malaysia is also working with Charge Point Operators (CPOs) such as EV Connection, ChargeEV, and Gentari to develop a nationwide EV charging infrastructure.

The initiative includes partnerships with establishments in key regions such as Shangri-La’s Rasa Sayang and Marriott Hotel in Penang, The RuMa Hotel & Residences and Saujana Golf & Country Club in Klang Valley, and Anantara Desaru Coast Resort & Villas in Johor. Mercedes-Benz customers can enjoy additional privileges at these partner hotels by presenting their Mercedes-Benz Card or App upon check-in.

Amanda Zhang, CEO & President of Mercedes-Benz Malaysia, stated, “Mercedes-Benz has always been at the forefront of driving the future of mobility and luxury through meaningful and synergistic collaborations. By seamlessly integrating electric mobility into luxury lifestyle experiences, we are redefining the essence of being a Mercedes-Benz customer.”

Edmin Naidoo, Vice President of Customer Services at Mercedes-Benz Malaysia, added, “Our partnerships are designed to address the diverse needs of our customers while supporting Malaysia’s transition to sustainable mobility. By expanding the EV charging ecosystem and offering customised solutions, we are addressing today’s customer trends and expectations and further laying the foundation for a more sustainable customer centric future.”

The company is exploring potential collaborations with additional luxury hotels, shopping malls, and golf courses to expand its portfolio of exclusive lifestyle offerings.

Cult Creative launches Creator Platform to enable modern storytellers to enjoy better cashflow

By: Mary Blight

On: November 28, 2024

In: Technology

Since brands pay upfront for the services, creators are paid within 30 days
Aims to simplify campaign management, performance tracking and payments

Shermaine Wong, co-founder and CEO of Cult Creative (Left) and Lina Esa, co-founder and chief marketing officer of Cult Creative

“Content creators are now the modern storytellers as they resonate with Gen Zs and millennials especially,” said Shermaine Wong, co-founder and CEO of Cult Creative. Consumers are always searching for experiences with different creators and types of content, she adds.

According to a 2022 report by Cube Asia Research, Southeast Asia’s social commerce is estimated to be worth US$42 billion (RM186.65 billion)

In tandem, a report ‘E-commerce influencer marketing in Southeast Asia’ was published in Oct by Impact.com in collaboration with Cube Asia, revealing that by 2027, social commerce in the region could reach an impressive US$125 billion (RM555.49 billion)

Moreover, within the report, results of a survey consisting of 400 Malaysian adult respondents (above 18 years) indicate that celebrity and mega influencers hold significant sway over Malaysian consumers’ purchasing decisions by 62% and 61% respectively.

To address the rising demand of UCG, Cult Creative has beta launched its Creator Platform, – an all-in-one solution designed to streamline and optimise UGC marketing campaigns for content creators.

“Cult Creative’s efforts aim to position Malaysia as a regional hub for the creator economy with the launch of Creator Platform to tap into the growing trend of influencer-driven storytelling,” Shermaine said.

Lina Esa, co-founder and chief marketing officer of Cult Creative said that the creator economy is about building genuine connections. “Through the platform, we help brands grow their audiences, get the quality UGC that we can provide them, while ensuring creators have an easy way to manage their campaigns and scale their earnings.”

In the last 12 months, Cult Creative has paid over US$157,514 (RM700,000) to 2,800 creators, with brand partnerships such as Grab, Hotlink, Astro, Farm Fresh and Marriot Bonvoy Group.

Emphasising its commitment to serve creators and assist them on the business side of matters, Cult Creative has emerged as one of the quickest paymasters in its space. “We are one of the only companies that pay creators within 30 days, whereas most of our competitors pay within three to six months, which is an industry standard,” said Shermaine. It is able to do this as brands pay upfront for the work they wish creators to deliver for them.

Furthermore, depending on a creator’s reliability and quality of work, creators can also obtain a form of certification known as “Cult Certified”, which allows them to obtain their earnings within 24 hours.

The platform operates on a pay-per-use model, charging brands for UGC campaigns based on creator engagement with additional services like activation fees, platform margins and support.

Brands can also opt for annual agreements with continued platform use or tailored campaign management for more customised solutions.

Key features

While still in its beta stage, the platform’s key features include:

Professional Media Kits: Creators can automatically generate “media kits” that link their social media profiles and display relevant audience insights, such as engagement rate.
Discover New Campaigns: The Discovery page is where creators find their brand deals. To opt in for a campaign, creators can submit a text or video ‘pitch’ to get noticed.
Personalised Campaign Matching: A data-matching algorithm connects creators with brands that align with their content and audience.
Automated Workflows: Admin such as creator agreements and creator invoices are done for them. Tasks are automatically generated to give time back to creators to stay creative.
Streamlined Communication: An integrated chat feature keeps all campaign-related conversations organised, which eliminates the need for multiple messaging platforms and switching between different chat groups.
Feedback Management: Creators can track changes and confirm drafts in one place to ensure efficient feedback processing.

The platform aims to simplify campaign management, performance tracking and payments that is aligned with Cult Creative’s mission to empower creators with tools to elevate content creation and brand partnerships.

Down the pipeline

It had taken ten months to build the platform with the tech support venture firm Nexea Ventures, which served as Cult Creative’s tech consultant. Nexea is an investor in Cult Creative.

Shermaine declined to disclose how much it has cost to build the platform.

However, when the tech collaboration with Nexea ends by January, Shermaine will grow Cult Creative’s in-house tech team.

Cult Creative expects its 2024 revenue to hit US$405,026 (RM1.8 million), a fivefold increase over 2023.

Creators can sign up and try their hand at pitching for brand deals and earning through their content via www.cultcreativeasia.com.

SME spending signals growing confidence among APAC Businesses: Instarem SME Spend Barometer

By: Mary Blight

On: November 28, 2024

In: Technology

SMEs are turning to online resources, AI, to tackle rising prices &amp, increase productivity
Malaysia &amp, Australia travel IT assets, with F&amp, B, IT &amp, technology solutions seeing biggest increases

SME spending signals growing confidence among APAC Businesses: Instarem SME Spend Barometer

Instarem, part of Nium, Southeast Asia’s payments unicorn, launched its 2024 SME Spend Barometer, revealing insights into the spending behaviours of small and medium-sized enterprises ( SMEs ) in Singapore, Australia and Malaysia. &nbsp,

Based on data from a test of 700 SMEs and some subjective interviews with customers, Instarem’s annual SME Spend Barometer record analysed spending patterns from January 2023 to August 2024, highlighting how SMEs are carefully investing in technology, infrastructure, and talent to react to an evolving financial landscape.

A determined method to growth
Trade payments increased by 6 %, indicating a meticulous yet positive outlook for global growth, thanks to Malaysia and Australia. In comparison, trade payments to Singapore decreased by 27 % year over year, indicating that local companies may be shifting their attention away from home goals in the face of rising costs and financial pressures. &nbsp,

Ashish Sangle, world Nose of Instarem, said:” Instarem has supported thousands of businesses in their development journeys over the years. Expanding internationally allows SMEs to gain access to wider user bases and exploit market opportunities for scale and growth. In today’s culture, a little caution is natural, but we anticipate that SMEs will continue to look for and exploit opportunities that are in line with their objectives.

Embracing AI and robotics
As evidenced by a 29 % increase in spending on data services over the same time period in 2023, the implementation of AI and digital change is accelerating across APAC. Malaysia and Australia are leading the charge in IT investments, with sectors like F&amp, B ( 120 % ), IT and software services ( 66 % ), and business consultancy ( 59 % ) registering the biggest gains. &nbsp,

In order to reduce rising costs and increase efficiency, several SMEs who were interviewed for the record are using AI, automation, and online tools. They are adopting process technology, AI-driven fraud detection, and advanced data analysis, among other alternatives to simplify businesses, minimise regular work, and optimise resources.

However, not every industry is embracing tech at the same rate, with financial services and business services cutting their information services spending by 42 % and 4 %, respectively.

SME spending signals growing confidence among APAC Businesses: Instarem SME Spend Barometer

Return to work picks up speed
SME employers in all three markets are reinvesting in physical infrastructure following years of hybrid or remote work, as evidenced by the 16 % increase in office expenses. Sectors like retail and wholesale, as well as business services, have seen office expenses rise by nearly 150 % and 70 %, respectively, suggesting a shift in how businesses are positioning themselves for long-term growth. This rise in commercial real estate demand also accounts for the more than doubled transaction volumes for real estate and leasing between 2023 and 2024.

These patterns are not universal, and some industries, like those in industrial manufacturing and construction (-48 % ), online retail (-44 % ), and telecommunications (-28 % ), are bucking the trend in favor of a more cautious strategy driven by market needs. &nbsp,

Our decision to invest in physical office spaces in Vietnam and the Philippines has been influenced by employee demand for in-office collaboration. By balancing these investments with our offshoring model, Net Fusion Technology’s group managing director George Votava said that while promoting greater collaboration and innovation, the company can better manage costs. &nbsp,

Balancing talent and growth
Despite broader economic pressures, SMEs are n’t scaling back on talent investments, with salary payments up 7 %. In Singapore, salary investments stayed flat, with some sectors, including media and marketing ( 13 % ) and business services ( 3 % ) even increasing their spending on third-parties ( external advisors ) to drive growth. This suggests a strategic shift to increase internal teams without significantly enlarging the field.

According to the country’s Wage Price Index and the 3.7 % increase in the National Minimum Wage, salary payments among SMEs in Australia have increased modestly ( 3 % ), indicating that businesses are placing a premium on retaining key talent while managing costs. &nbsp,

What’s ahead
These findings demonstrate that SMEs are putting their weight on high-impact investments, such as digital transformation, while using measured tactics elsewhere. Resources are still being put under pressure, though, due to challenges like fluctuating exchange rates and high processing costs.

” Managing costs is a top priority for SMEs, particularly in critical areas like talent and expansion”, said&nbsp, Sangle. ” Thinking strategically about payments can free up important resources for growth and prepare SMEs for long-term success,” according to the statement” not only help to reduce high cross-border fees and improve cash flow.”

For more insights, download Instarem’s 2024 SME Spend Barometer Report here.

Equinix, National University of Singapore partner to explore sustainability and energy solutions for data centers

By: Mary Blight

On: November 28, 2024

In: Technology

Co-innovation hospital set to open in Q1 2027
Aims to test effective, reliable software with companions &amp, customers

Equinix, National University of Singapore partner to explore sustainability and energy solutions for data centers

Equinix, Inc., the world’s digital infrastructure company, and the Centre for Energy Research &amp, Technology ( CERT ) under the National University of Singapore’s College of Design and Engineering ( NUS CDE ), have announced plans to establish a Co-Innovation Facility ( CIF ) in Singapore. This program aims to accelerate the development and testing of modern answers for low-carbon power, high-efficiency heating, curvature, and energy efficiency in information areas. In accordance with conservation objectives, the Freight will determine how the digital infrastructure may develop in Singapore and other tropical areas.

Singapore’s digital economy has grown at a compound annual growth rate of nearly 13 % since 2017, contributing 17.3 % to GDP in 2022. The nation continues to grow as a global business and innovation hub with over US$ 340 million ( RM3.2 billion ) allocated for the development of artificial intelligence ( AI ) over the next five years. Data centers may adopt sustainable practices to efficiently manage energy consumption and processing needs as digital demands increase.

The CIF, set to open in Equinix’s upcoming SG6 International Business Exchange ™ ( IBX ) data centre, is part of Equinix’s Data Centre of the Future Initiative. It will serve as an empty study hub for global tech innovators, data center partners, education, and customers to test technologies focusing on consistency, power efficiency, and cost efficiency.

To address the rising computational demands of AI, Equinix has made an initial investment of US$ 4 million ( RM17.8 million ) in the CIF, which will look into innovations like integrating clean and renewable energy sources, alternative power sources, and liquid cooling. The service will even test Cognitive Digital Twin features, which will enable predicted maintenance and upgrades to address problems with the company’s recent data center models.

Lee May Leong, managing director, Singapore, Equinix, said:” The effects of climate change are being felt around the world, and it is becoming increasingly essential to embed best techniques in every aspect of our procedures. We are making a major step forward in advancing our” Potential First” sustainability agenda by reviving our successful Co-Innovation Service from Ashburn and expanding our creative efforts in the Asia-Pacific area.
She continued,” It may accelerate the development of cutting-edge technology and use practical solutions to help lessen the carbon footprint of the growing number of data centers worldwide.”

Professor Lee Poh Seng, producer, Centre for Energy Research &amp, Technology, NUS College of Design and Engineering, said:” The creation of the Co-Innovation Service highlights our commitment to forging effective business partnerships that convert groundbreaking research into functional uses. Working with Equinix allows us to draw on our knowledge of sustainability and power development to address pressing issues affecting data centers in humid climates.

” Collectively, we aim to redefine measures for functional efficiency and sustainability in digital equipment, aligning with Singapore’s interests for sustainable development and industrial leadership. This agreement is a powerful move ahead in shaping a prospect where cutting-edge development meets economic responsibility”, he added.

Important Features

To get opened in Q1 2027, the CIF did test lasting improvements for data areas, such as:
- Direct current power distribution system: This electrical power distribution architecture, known as medium voltage AC to low-voltage DC ( MVAC-LVDC ), facilitates the seamless integration of battery energy storage systems, solar photovoltaics, and other renewable energy sources with data centre power distribution networks. It has the potential to enhance grid-side power quality, efficiency, and power density for data centres.
- This cutting-edge cooling technique optimizes space while reducing energy consumption and noise. By allowing circular data center models, it also increases the possibility of recycling leftover heat.
- Digital twin capabilities: Data-driven models and machine learning will be utilised to enable predictive maintenance and upgrades.

Equinix and NUS have long supported Singapore’s sustainability goals and implemented a number of initiatives, including scholarships for NUS students interested in finding solutions based on nature-based climate change. In 2022, Equinix, together with the Department of Electrical and Computer Engineering and CERT, both under NUS CDE, collaborated to explore hydrogen-based green fuel technologies for mission-critical data centre infrastructure.

The study compared PEM fuel cells and fuel-flexible linear generators, highlighting their efficiency and potential as backup power solutions, particularly in tropical climates. In 2023, the results were released.

Mimecast appoints David Sajoto as the new vice president and general manager for Asia-Pacific and Japan

By: Mary Blight

On: November 28, 2024

In: Technology

Tasked with expanding partnerships, seizing development prospects
previous senior vice president of Vectra AI in Japan and Asia-Pacific

Mimecast appoints David Sajoto as the new vice president and general manager for Asia-Pacific and Japan

Mimecast, a leading global human risk management platform, has appointed David Sajoto ( pic ) as vice president and general manager for Asia-Pacific and Japan. In a statement, the business highlighted Sajoto’s management experience, revolutionary impact, and profound understanding of the technology ecosystem.

It’s an honor to join Mimecast as APAC and Japan VP and GM, and I look forward to working with our region’s growth-driven group. Collectively, we are focused on strengthening collaborations and seizing new opportunities to increase our options”, Sajoto said.

Sajoto, a security specialist with a proven track record of identifying fresh trends and implementing market strategies, has been instrumental in shaping important initiatives in the technology sector. He is dedicated to developing innovation and business development while also being known for his customer-centric approach and dedication to cultivating a cooperative culture. He has been instrumental in guiding businesses through online transformations and navigating the complex complexities of a rapidly changing digital scenery.

Sajoto’s management and major contributions to the state’s business growth and development earned him the title” Business Leader of the Year” at the Asia Pacific Business Awards 2023-2024.

Before joining Mimecast, Sajoto served as senior vice president for Vectra AI in Asia-Pacific and Japan. He has even held management roles at firms such as ExtraHop, Ixia, BMC Software, Gigamon, Oracle, and Dynatrace. He graduated from Monash University with a master’s degree in business methods and a triple degree in computer science and engineering.

Sajoto will be the novel vice president and general manager for Asia-Pacific and Japan,” with great excitement.” He may play a crucial role in driving business development and strengthening partnerships across the region thanks to his command and experience, according to Mimecast’s key customer and profit officer, David Helfer.

foodpanda Singapore appoints Aditi Sharma as new managing director

By: Mary Blight

On: November 28, 2024

In: Technology

Originally the co-founder, COO &amp, CFO of Grow Commerce&nbsp,
Tasked to generate foodpanda’s devotion to innovation and excellence

foodpanda Singapore appoints Aditi Sharma as new managing director

foodpanda, Singapore’s leading food and food delivery app has announced the appointment of Aditi Sharma as its fresh managing director.

Aditi may oversee all aspects of foodpanda Singapore’s operations, with a focus on enhancing customer experiences, empowering trader and supply partners, and driving business development. In her position, she may continue to drive foodpanda Singapore’s devotion to innovation and excellence, as the business grows its ecology and services.

Prior to joining foodpanda, Aditi was the co-founder, chief operating officer, and chief financial officer of Grow Commerce, an multichannel businesses platform that enables consumer businesses to reach exponential development. She brings over 15 years of experience in tech, consulting and e-commerce, extending walk building, change and strategic alliances across Southeast Asia and India.

This makes her well placed to direct foodpanda Singapore into its second book, where she will focus on creating price for all communities within the supply habitat, including customers, supply partners, and merchant partners.

” Foodpanda has transformed how Singaporeans perceive pleasure.” I look forward to leading its future growth stage by developing on this basis, using technologies to strengthen our relationships with our customers, and offer growth opportunities for our partners and supply teams,” Aditi said.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US bil in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

By: Mary Blight

On: November 26, 2024

In: Technology

Online travel led sector growth with a 19 % increase, reaching US$ 8B GMV
E-commerce, M’sia’s leading online source grew 17 % to US$ 16B GMV in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

Malaysia’s digital economy is set to reach US$ 31 billion ( RM138.48 billion ) in Gross Merchandise Value ( GMV) in 2024, marking a 16 % increase from 2023, according to the latest e-Conomy SEA 2024 report by Google, Temasek, and Bain &amp, Company.

Good growth patterns in all electronic sector are present.

Malaysia’s online business continues its development towards success while sustaining double-digit GMV development. The report shows deeper online membership, successful crowdfunding strategies, and healing in pandemic-impacted sectors as key drivers of this growth.

Online travel: Posting the fastest GMV growth among sectors, online travel expanded by 19 % year-on-year to US$ 8 billion ( RM36 billion ) GMV. In 2024, Malaysia’s strong growth in worldwide tourism is anticipated to exceed pre-pandemic levels. Spending on international travel has increased 330 % since 2020, with the Asia-Pacific place accounting for 38 % of outgoing expenses. Visitors from Southeast Asia ( SEA ) represent nearly half ( 49 % ) of Malaysia’s inbound travel spend, driven by enhanced air connectivity, strategic airline partnerships, and favourable exchange rates.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

]RM1 = US$ 0.22]

The growth of Malaysia’s online media industry has been consistent, with its GMV projected to increase 10 % from$ 3 billion in 2023 to$ 4 billion in 2024, as a result of the growing demand for digital content, video games, and streaming services.
As a number of Malaysia’s online banks provide powerful features and are simple to accessibility, contributing to the rapid expansion of the DFS landscape, online financial services is on a roll. Digital wealth is expected to grow significantly, reaching an assets under management ( AUM) of about$ 80 billion by 2030, while digital payments are anticipated to increase by 5 % from 2023 to$ 172 billion by 2024.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

Malaysia to capture the AI option

Artificial Intelligence ( AI ) is reshaping Malaysia’s digital economy. The government’s commitment to responsible AI development through the Malaysia AI Roadmap 2021-2025 and the upcoming launch of the National AI Office ( NAIO ) underpins this transformation. The report identifies Malaysia as one of the top ten states globally for AI research interest, especially in training, advertising, and entertainment, with Kuala Lumpur, Putrajaya, and Selangor leading the way.

The demand for AI infrastructure may increase as more businesses use it to develop, increase efficiencies, and enhance customer experiences as well as to create new concepts. Malaysia invested$ 15 billion in AI network in H1 ’24 to meet this demand. According to the report, Malaysia’s existing data center capacity is 120MW, and it anticipates an increase of 5X over the next few years.

Malaysia has seized the AI possiblity thanks to strategic activities like KL20, which will support Malaysia’s startup habitat by promoting high-tech industries, obtaining tax exemptions for foreign investments, and providing$ 1 billion in federal funding for startups in Malaysia and the location.

We want to get a local hero for modern policies that are forward-thinking and transformative, encourage a regulatory environment that encourages scientific advancement, and foster cross-border collaboration as Malaysia assumes the Asean Chairmanship next year. The e-Conomy report serves as a powerful affirmation of our efforts and is not just a report, it is a testament to Malaysia’s enormous potential, according to Gobind Singh Deo, minister of digital, who was represented by Fabian Bigar, minister of digital, at the event.

” It is a call to action for all of us – the government, the private sector, and the people of Malaysia to collaborate and realise our nation’s full digital potential. Let us seize this opportunity and together, build a digitally empowered Malaysia that is prosperous, inclusive, and sustainable”, he added.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024 Meanwhile, Farhan Qureshi ( pic ), country director for Google Malaysia said:” We have been seeing a consistent strong growth of Malaysia’s digital economy and this year is another strong testament of the potential of Malaysia’s digital economy. With the region’s focus on AI, it’s encouraging to see the country’s leaders are putting AI and semiconductors in the country’s priority list”.

By empowering the local workforce with AI-ready skills and tools, we at Google are committed to further supporting Malaysia’s digital economy’s growth. We are committed to keeping Malaysia at the forefront of the digital age, he added, from funding scholarships for young people to develop AI-ready skills through Google Career Certificate scholarships to deploying Google Workspace for public officers.

Amanda Chin, partner, Bain &amp, Company, noted:” Southeast Asia’s digital economy thrives on double-digit GMV and revenue growth and a surge in profitability across sectors led by key players. Likewise in Malaysia, we see a healthy digital economy driven by e-commerce, online travel and digital financial services”.

” As the country’s DFS sector embraces digital disruption, new technologies such as AI are poised to accelerate growth. Businesses must move beyond experimentation and invest in fundamental elements in order to align AI initiatives with core business objectives to address real-world issues and create tangible value, strengthen AI talent, and create scalable, adaptable infrastructure for sustained growth, she added.

Geia Lopez, head of data, insights, and international growth at Google Southeast Asia, added:” Investments in AI and the growing interest in its applications signal a bright future for Malaysia’s digital economy. To maintain this momentum and foster trust in the changing digital landscape, it is important to prioritize digital security, though.

Click here to download the report.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US billion in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

By: Mary Blight

On: November 26, 2024

In: Technology

Online travel led sector growth with a 19 % increase, reaching US$ 8B GMV
E-commerce, M’sia’s leading online source grew 17 % to US$ 16B GMV in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

Malaysia’s digital economy is set to reach US$ 31 billion ( RM138 billion ) in Gross Merchandise Value ( GMV) in 2024, marking a 16 % increase from 2023, according to the latest e-Conomy SEA 2024 report by Google, Temasek, and Bain &amp, Company.

Good growth patterns in all modern sector are present.

Online travel: Posting the fastest GMV growth among sectors, online travel expanded by 19 % year-on-year to US$ 8 billion ( RM36 billion ) GMV. In 2024, Malaysia’s strong growth in global tourism is anticipated to exceed pre-pandemic levels. Spending on international travel has increased 330 % since 2020, with the Asia-Pacific place accounting for 38 % of outgoing expenses. Visitors from Southeast Asia ( SEA ) represent nearly half ( 49 % ) of Malaysia’s inbound travel spend, driven by enhanced air connectivity, strategic airline partnerships, and favourable exchange rates.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

]RM1 = US$ 0.22]

The growth of Malaysia’s online media industry has been consistent, with its GMV projected to increase 10 % from$ 3 billion in 2023 to$ 4 billion in 2024, as a result of the growing demand for digital content, video games, and streaming services.
As a number of Malaysia’s online banks provide powerful features and are simple to accessibility, contributing to the rapid expansion of the DFS landscape, online financial services is on a roll. Digital wealth is expected to grow significantly, reaching an assets under management ( AUM) of about$ 80 billion by 2030, while digital payments are anticipated to increase by 5 % from 2023 to$ 172 billion by 2024.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

Malaysia to capture the AI option

The demand for AI infrastructure may increase as more businesses use it to develop, increase efficiencies, and enhance customer experiences as well as to create new concepts. Malaysia invested$ 15 billion in AI network in H1 ’24 to meet this demand. According to the report, Malaysia’s existing data center ability is 120MW, and it anticipates an increase of 5X over the next few years.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024 Meanwhile, Farhan Qureshi ( pic ), country director for Google Malaysia said:” We have been seeing a consistent strong growth of Malaysia’s digital economy and this year is another strong testament of the potential of Malaysia’s digital economy. With the region’s focus on AI, it’s encouraging to see the country’s leaders are putting AI and semiconductors in the country’s priority list”.

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Technology (Page 23)

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